JPM Asia Growth Fund C - Net Accumulation
Rated Fund 2019-20. A portfolio of structural growth ideas run by an experienced team
JPMorgan Asia Growth clinched highly commended status in the Best Asia Pacific Fund category of Money Observer’s 2018 awards and was crowned winner in 2019 – an accolade it rightly deserves. It is a solid and consistent long-term performer that is attracting a growing following. The value of its assets has risen from £250 million to £800 million in the space of a year.
Joanna Kwok and Mark Davids, both of whom have more than 20 years’ investment experience, run the fund with the help of JPMorgan’s well-resourced emerging markets and Asia-Pacific team, including country specialists and sector analysts. The process follows the same quality/growth bias investors have come to expect from JPMorgan’s equity-based strategies managed across the region. The portfolio contains up to 60 names, typically structural growth ideas – companies that boast quality franchises and consistent earnings.
The conviction-based nature of the fund is evident in its significant deviation from the benchmark and ability to exercise some latitude at country and sector level (up to 10% in either direction). At the end of 2019 its largest regional weighting was to China, which accounted for 40% of the fund’s £800 million of assets, much in line with the MSCI Asia ex Japan index. Its most significant country overweights are to India and Indonesia.
On a sector basis, the managers favour financials, consumer discretionary and technology stocks, which collectively account for almost 70% of the portfolio. Financials is its largest sector overweight, with AIA, Bank Central Asia and HDFC Bank all among its top 10 holdings.
Ongoing charges are attractive, at 0.9%, providing investors with a head start compared with more expensive peers.
Narrative and ratings content all as of January 2020.See all Money Observer rated funds
|Tencent Holdings Ltd||8.69 %|
|Samsung Electronics Co Ltd||8.54 %|
|Taiwan Semiconductor Manufacturing Co Ltd||8.30 %|
|Alibaba Group Holding Ltd Ordinary Shares||5.13 %|
|AIA Group Ltd||5.09 %|
|Alibaba Group Holding Ltd ADR||4.51 %|
|Ping An Insurance (Group) Co. of China Ltd Class H||3.69 %|
|PT Bank Central Asia Tbk||3.66 %|
|HDFC Bank Ltd||3.30 %|
|China Overseas Land & Investment Ltd||2.61 %|
|Asia - Emerging||62.00 %|
|Asia - Developed||35.65 %|
|Financial Services||29.79 %|
|Consumer Cyclical||19.12 %|
|Communication Services||14.04 %|
|Real Estate||5.00 %|
Joanna Kwok, executive director, is a regional specialist for Asia Pacific ex-Japan equities with the Emerging Markets and Asia Pacific (EMAP) Equities Team based in Hong Kong. She joined the Firm in 2002 as an analyst with the Hong Kong bond team and took up her current role in 2005. Prior to joining the Firm, Joanna spent three years with PricewaterhouseCoopers in London where she qualified as a chartered accountant and one year in Hong Kong as a senior associate in their banking & capital markets division. Joanna obtained a B.A. (Hons) in Natural Sciences from Downing College, Cambridge University.
Mark Davids, managing director, is a regional specialist for Asia Pacific Behavioural Finance and head of the Team with the Emerging Markets and Asia Pacific (EMAP) Equities Team based in Hong Kong. In 2007, Mark relocated from London to Tokyo to head the Behavioural Finance investment desk in Japan, and subsequently relocated to Hong Kong in 2009 to expand the process into the Asia Pacific Region. Prior to this he was a senior portfolio manager for European equity team within the JPMorgan Asset Management European Equity Group. An employee since 1997, Mark was previously a pan-European investment analyst. Prior to this, he worked at the European Commission. Mark obtained a B.A. (joint Hons) in History and German from the University of Manchester and earned an M.Sc. in International Political Economy from the London School of Economics. He is also a CFA charterholder
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